Stocks in London closed in positive territory on Wednesday ahead of Friday’s key inflation reading from the US.
DS Smith shares surged 8.7% after confirming talks with International Paper regarding a potential all-share takeover offer. The proposed terms value each DS Smith share at 415 pence, equating to around £6.2 billion for the company. Discussions with Mondi will also continue following their prior deal agreement.
Diploma climbed 9.5% on announcing plans to acquire Peerless Aerospace Fastener for £236 million, expected to be completed in the coming weeks after regulatory clearances. The US-based firm distributes speciality fasteners into aerospace markets.
TI Fluid Systems plunged 15% as investor BC Omega Holdco sold 50 million shares at a discounted 135p each, raising £67.5 million.
Bucking the trend, CMC Markets surged 17% after guiding for full-year net operating income to exceed the top end of its £290-310 million range, up from £288.4 million last year. Analyst Vivek Raja cited the “significant effect of operating leverage” driving the upgrade.
The FTSE 100 closed marginally higher at 7,931.98, while the FTSE 250 added 0.2% to 19,810.66. The AIM All-Share rose 0.4% to 742.11.
Daily Risers and Fallers
CMC Markets 16.7%, Regional Reit 11.3%, Smith (DS) 10.2%, Diploma 9.4%, Vanquis Banking 8.5%.
TI Fluid Systems 15.3%, Flutter Entertainment 8.3%, Riverstone Energy 7.2%, Petrofac 7.1%, Nb Global 6%.
Daily Recap
- CMC Markets soars on upbeat outlook after strong Q4
- Investor offloads stake in TI Fluid Systems, shares plummet
- UK facing ‘sliding doors’ moment with generative AI, millions of jobs at risk
- International Paper aims to disrupt DS Smith-Mondi merger with counterbid
- Old Mutual shares jump on good 2023 performance
- Strix shares drop despite revenue boost from Billi acquisition
- Bitcoin rally batters short sellers
- Gold steadies as traders await US inflation data, Fed speak
Subscribe to Investomania for more FTSE news and updates.
